Blog

#BusinessTipTuesday – National Tea Month

While thinking about a topic for this week’s #BusinessTipTuesday, I noticed that January is National Hot Tea Month. This reminded me of some market research I did a few years ago for a client who was looking to open a tea room.

The importance of doing market research before starting a business is always very important and it can be the difference in whether your business prospers or fails.

Market research can categorized as either primary or first hand research that you conduct yourself, such as interviews or surveys, or as secondary research which is already compiled data such demographics, statistics, or information from company reports, census bureaus, magazines and newspapers.

Conducting market research can help a business owner:

Create realistic business projections

Understand their customers

Identify new opportunities and/or customers

Help identify potential problems

If you are an entrepreneur or a current small business owners would like assistance in conducting market research for your own business or idea, contact The University of Scranton Small Business Development Center at www.scrantonsbdc.com .

Keith D. Yurgosky
Business Consultant
The University of Scranton
Small Business Development Center

Contact Us

Follow Us

Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All services extended to the public on a non-discriminatory basis. Language assistance services are available for limited English proficient individuals.